Business
BluMetric Announces Q2 2023 Financial Results
Ottawa, Ontario--(Newsfile Corp. - May 25, 2023) - BluMetric Environmental Inc. (TSXV: BLM) ("Blu...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"BluMetric Announces Q2 2023 Financial ResultsOttawa, Ontario--(Newsfile Corp. - May 25, 2023) - BluMetric Environmental Inc. (TSXV: BLM) (\"BluMetric\" or \"the Company\"), a full-service environmental consulting and engineering cleantech firm, announces its financial results for the second quarter ended March 31, 2023.Revenue and gross profit for the second quarter remained relatively consistent with the prior year second quarter, with a slight decrease in gross margin attributable to the Company's project mix in 2023 compared to 2022. \"Throughout the second quarter, we remained focused on building a strong backlog, recruiting key business development personnel, and building partnerships to enhance and expand our business,\" said Scott MacFabe, CEO of BluMetric. To this end, on May 24, 2023, the Company signed a 3-year, $11.7 million cleantech contract with Rheinmetall Canada to provide self-contained water purification systems to the Canadian Armed Forces. (See press release \"BluMetric and Rheinmetall Canada to Deliver Self-Contained Water Purification Systems to Canadian Armed Forces\" dated May 25, 2023.)Revenue in the Commercial and Government markets were relatively consistent with the revenues from the same quarter last year. Revenue from the Mining market increased approximately 50% for both the quarter and year to date, when compared to similar periods in the prior year. This growth was primarily driven by a contract for a water treatment system at a mine site. Revenue from the Military market decreased due to the completion of contracts, and a longer sales and procurement cycle required for new contracts in this market. Financial HighlightsRevenue for the three and six months ended March 31, 2023, was $7.4 million and $17.9 million respectively, compared to $8.2 million and $16.0 million in 2022. Gross margin for the three and six months ended March 31, 2023, was 21% and 22% respectively, compared to 22% and 24% in 2022. EBITDA (see definition below) for the three and six months ended March 31, 2023, was $317,000 and $1.2 million respectively, compared to $469,000 and $1.4 million in 2022. Net cash (see definition below) as at March 31, 2023 was $2.4 million, compared to net cash of $2.7 million at March 31, 2022.Business OutlookBluMetric's strategic initiatives and business development continue to support a solid pr...